Fuel prices fall again despite rising oil prices
By Chen Cheng-hui / Staff Reporter
Domestic gasoline and diesel prices are expected to decline by NT$0.6 per liter this week, following a drop of NT$0.1 per liter last week, Taiwan’s CPC Corp said yesterday (CPC, 台灣中油) and Formosa Petrochemical Corp (台塑石化).
Effective today, gasoline prices at CPC stations are to drop to NT$29.5, 31.0 and 33.0 per liter for 92, 95 octane unleaded gasoline and 98 respectively, while the price of super diesel is to fall to NT$27.3 per litre, the public refiner said in a statement.
Due to the EU embargo on Russian oil and the arrival of the peak holiday season in the northern hemisphere, international crude oil prices increased last week compared to the previous week, said CPC.
Other factors weighing on the global market were the lifting of lockdowns in Shanghai and a bigger-than-expected decline in U.S. oil inventories last week, Formosa said in a separate statement.
Based on CPC’s floating oil price formula, the cost of crude oil increased last week by 2.04% from the previous week.
The refiner said it should have raised gasoline prices this week by NT$6.0 per liter and diesel prices by NT$7.5 per litre.
However, in line with a government policy to keep consumer prices stable and fuel prices lower in Taiwan than in neighboring markets, CPC said it would absorb the increases by implementing a fuel stabilization mechanism. price.
CPC spent 12.79 billion Taiwan dollars ($435.2 million) to absorb rising fuel costs in the first five months of the year, it said.
Formosa Petrochemical said its 92, 95 and 98 octane unleaded petrol prices were to drop to NT$29.5, 31.0 and 33.0 per liter respectively, while the price of premium diesel was to fall to NT$27.1 per litre.
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